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£1m London Flat Described As ‘Affordable’ By Estate Agents

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Another week, another absurdly priced London property. It’s like landlords are competing to see who can shake their money bags the loudest.

The latest property, which can be found between Old Street and Regent’s Canal in London, is listed by Sharetobuy.com and described as ‘affordable’ with a full price of £1,025,000.

Working with a part-buy-part-rent basis this means that you’d be paying a monthly £2,700, of which £1,352 goes towards mortgage payments and £1,121 is classed as rent on the stake that the tenant doesn’t own.

If you were to pay this for the entirety of the mortgage, it would take you over 60 years to fully own the property. Luckilly however, the 25 per cent deposit of an affordable £256,250 should shave a few of those years off…

Chief executive of the company Clare Thomson admitted that the property was, “out of reach to many of the households we prioritise to assist.”

"It does still however meet our objective of assisting people would otherwise not be able to purchase in that area," she added. "The proceeds from shared ownership are invested in providing low cost rent homes in the same area."

Although David King of PricedOut’s summary is perhaps more fitting: "When words like ‘affordable and ‘social’ can’t keep up with prices you know we are in the midst of a crisis."

[Via: Evening Standard]

Image: Google Streetview

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